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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Energy Xxi (DI) | LSE:EXXI | London | Ordinary Share | BMG100821401 | COM SHS USD0.005 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMEXXI
RNS Number : 0436E
Energy XXI (Bermuda) Limited
07 May 2013
Energy XXI Reports Fiscal Third-Quarter Results and Provides Operations Update
-- Latest three horizontal wells yield 8,400 BOE/d gross/ 7,000 BOE/d net -- South Pass 49 program delivers 30 MMcf/d uplift gross/ 14 MMcf/d net -- Current production climbs to 50,000 BOE/d net -- Bayou Carlin acquisitions closed, drilling in progress -- Joint venture signed to explore around salt domes offshore
HOUSTON - May 6, 2013 - Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today announced fiscal third-quarter results and provided an operations update on activities in the Gulf of Mexico.
For the 2013 fiscal third quarter, Energy XXI reported earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) of $186.0 million, compared with $215.3 million in the 2012 fiscal third quarter. Net income available for common stockholders for the 2013 fiscal third quarter was $37.6 million, or $0.46 per diluted share, on revenues of $303.8 million, compared with fiscal 2012 third-quarter net income available for common stockholders of $82.5 million, or $1.04 per diluted share, on revenue of $336.0 million.
Production for the 2013 fiscal third quarter averaged 43,500 barrels of oil equivalent per day (BOE/d) net, compared with 45,300 BOE/d net in the 2012 fiscal third quarter. Oil volumes for the 2013 fiscal third quarter averaged 28,600 barrels per day (Bopd) net. Current production has averaged 50,000 BOE/d net, including approximately 30,000 Bopd, since May 1, 2013.
"We brought four new wells online within the past week that have added significant production," Energy XXI Chairman and Chief Executive Officer John Schiller said. "Our West Delta and Main Pass fields continue to drive oil volumes through successful application of horizontal drilling techniques."
Exploration and Development Activity
At West Delta 73 (100% WI/ 83% NRI), the Bearclaw well was drilled to 11,100 feet measured depth (MD)/ 8,085 feet true vertical depth (TVD), including a 1,000-foot lateral section into the F-35 sand. Bearclaw was brought online within the past week at 2,600 Bopd and 3.2 million cubic feet per day (MMcf/d) of natural gas, gross, with flowing tubing pressure of 1,150 psi. The next horizontal well at West Delta, Glacier, was recently spud and is drilling below 5,550 feet MD/ 5,400 feet TVD, targeting the F-35 sand with a proposed depth of 10,200 feet MD/ 8,000 feet TVD, including an 800-foot lateral section. The initial three horizontal wells in West Delta, Big Sky 2, Weimer and Hyden, are delivering a combined 2,400 Bopd, gross.
In the Main Pass 61 field (100% WI/ 78% NRI), the Camacho horizontal well was drilled to 12,620 feet MD/ 6,981 feet TVD into the J-6 sand. The well was completed and brought online within the past week at 723 Bopd and 8.4 MMcf/d, gross, with flowing tubing pressure of 900 psi. The Quintero well was recently spud and is currently drilling below 6,600 feet MD/ 4,500 feet TVD with a proposed depth of 11,500 feet MD/ 6,560 feet TVD, also targeting the J-6 sand.
At Grand Isle 16/18 (100% WI/ 86% NRI), the Gelato horizontal well was drilled to 14,278 feet MD/ 10,017 feet TVD with a 440-foot lateral into the C-6 sand, and recently brought on production at a gross rate of 500 Bopd and 18 MMcf/d with a flowing tubing pressure of 1,850 psi. The next well at Grand Isle, Vanguard, has been drilled to 9,800 feet MD/ 8,200 feet TVD, logging pay in four separate reservoirs including the targeted C-1 sand. A horizontal completion is planned for the C-1 sand, which has produced 46 million barrels of oil and 39 billion cubic feet of gas in this fault block.
At the South Pass 49 field (57% WI/ 47% NRI), three successful workovers have been completed to the D-65 reservoir. Gross production from the three wells now totals 30 MMcf/d with 200 Bopd. The original A-7 well recompletion continues to produce at 20 MMcf/d gross, six months after being placed on production. The second recompletion, in the A-19 well, has gross production of 5 MMcf/d and 125 Bopd. The newest recompletion, in the A-17 well, was placed on production at 5 MMcf/d and 60 Bopd gross, with a flowing tubing pressure of 1,200 psi. The last two recompletions, the A-17 and A-19, are still unloading completion fluid and are expected to increase in rate.
The Pendragon well, located on Vermilion Block 178, encountered mechanical issues and will be plugged and abandoned. A permit will be sought to re-drill Pendragon from a new surface location. Energy XXI expects to begin drilling Merlin, the largest prospect in the Vermilion inventory, in June. Merlin will target multiple sands and will be drilled to approximately 15,700 feet TVD. Energy XXI is the operator, with a 50 percent working interest and 40.6 percent net revenue interest.
Onshore Louisiana at the Bayou Carlin field in St. Mary's Parish, the Duplantis well (94%WI/ 69% NRI) has been drilled to a casing point at 16,750 feet MD/ 16,600 feet TVD toward a proposed total depth of 19,900 feet TVD, targeting sands producing nearby from the Peterson and Landers wells, as well as the MA-12, MA-13 and MA-14 sands. Farther east, in St. Martin Parish, the Pintail exploration well (48.4% WI/ 25.4% NRI) targeting a structure analogous to the Bayou Carlin field is currently drilling below 13,500 feet MD/ 13,300 feet TVD. The Pintail well will be drilled to a proposed depth of 18,700 feet MD/ 16,775 feet TVD.
Within the ultra-deep exploration program with McMoRan, the Lomond North prospect in the Highlander area, located primarily in St. Martin Parish, Louisiana, is drilling below 18,250 feet toward a proposed total depth of 30,000 feet. The well is targeting Eocene, Paleocene and Cretaceous objectives below the salt weld. Lomond North is approximately 65 miles north of the partnership's Davy Jones discovery. Energy XXI holds an 18 percent working interest and a 13.1 percent net revenue interest in Lomond North, where its total net investment approximated $15.0 million at March 31, 2013.
The Lineham Creek exploration prospect, located onshore in Cameron Parish, Louisiana, approximately 55 miles northwest of Davy Jones, is drilling below 29,400 feet, toward a target depth of 30,500 feet, targeting Eocene and Paleocene objectives below the salt weld. Chevron U.S.A. Inc., as operator of the well, holds a 50 percent working interest. Energy XXI holds a 9 percent working interest and a 6.75 percent net revenue interest in the well. Total net investment in Lineham Creek was approximately $16.0 million at March 31, 2013.
Capital Expenditures
During the 2013 fiscal third quarter, capital expenditures, including plug-and-abandonment and excluding acquisition costs, totaled $191 million, with $61 million in exploration and $130 million in development and other costs. Capital expenditures for the full fiscal year ending June 30, 2013, excluding acquisitions, are expected to total between $780 million and $810 million.
Acquired Reserves
Energy XXI added approximately 15 million barrels of oil equivalent (MMBOE) of proved reserves as a result of the Vermilion and Bayou Carlin acquisitions, made in late 2012 and early 2013, respectively. Probable reserves associated with the acquisitions totaled an additional 18 MMBOE, while possible reserves totaled 42 MMBOE. Expenditures for the acquisitions totaled $154 million.
Sub-salt Exploration Joint Venture
Energy XXI in March entered into an agreement with Apache Corp. to explore for oil and gas pay sands associated with salt dome structures on the central Gulf of Mexico shelf. The area of mutual interest (AMI) includes several salt domes within a 135-block area. In addition, Energy XXI acquired a 25 percent working interest in 19 non-producing primary-term leases with Apache. A new wide azimuth seismic program is underway to define the potential within the AMI, covering approximately 633,000 acres. Soon after completing the joint venture agreement, Apache and Energy XXI jointly bid and were the apparent high bidders on seven blocks in the Main Pass area during the recent central Gulf of Mexico lease sale #227 held by the U.S. Department of the Interior's Bureau of Ocean Energy Management. Separately, Energy XXI was the apparent high bidder on two additional blocks in the area.
Conference Call Today, May 6, at 9 a.m. CDT, 3 p.m. London Time
Energy XXI will host its fiscal third-quarter conference call today, May 6, at 9 a.m. CDT (3 p.m. London time). The dial-in numbers are 1 (631) 813-4724 (U.S.) and (0) 80 0032 3836 (U.K.), and the confirmation code is 36410686. For complete instructions on how to actively participate in the conference call, or to listen to the live audio webcast or a replay, please refer to www.EnergyXXI.com.
Forward-Looking Statements
All statements included in this release relating to future plans, projects, events or conditions and all other statements other than statements of historical fact included in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, including changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry, reservoir performance, the outcome of commercial negotiations and changes in technical or operating conditions, among others, that could cause actual results, including project plans and related expenditures and resource recoveries, to differ materially from those described in the forward-looking statements. Energy XXI assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
Competent Person Disclosure
The technical information contained in this announcement relating to operations adheres to the standard set by the Society of Petroleum Engineers. Tom O'Donnell, Vice President of Exploitation, a Petroleum Engineer, is the qualified person who has reviewed and approved the technical information contained in this announcement.
About the Company
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Cantor Fitzgerald Europe is Energy XXI's listing broker in the United Kingdom. To learn more, visit the Energy XXI website at www.EnergyXXI.com.
ENERGY XXI (BERMUDA) LIMITED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In Thousands, except per share information)
(Unaudited)
As required under Regulation G of the Securities Exchange Act of 1934, provided below are reconciliations of net income to the following non-GAAP financial measure: EBITDA. The company uses this non-GAAP measure as a key metric for the management of the company and to demonstrate the company's ability to internally fund capital expenditures and service debt.
Hot Features
Premium
Three Months Ended Nine Months Ended
March 31, March 31,
-------------------- -------------------
2013 2012 2013 2012
--------- --------- --------- --------
Net Income as Reported $40,436 $91,252 $100,028 $254,672
Interest expense-net 27,159 26,790 79,914 82,317
Depreciation, depletion and
amortization 88,727 88,448 279,378 260,819
Income tax expense 29,688 8,763 65,418 29,885
EBITDA $186,010 $215,253 $524,738 $627,693
========= ========= ========= ========
EBITDA Per Share
Basic $2.34 $2.78 $6.62 $8.17
Diluted $2.13 $2.46 $6.00 $7.20
Weighted Average Number of Common Shares Outstanding
Basic 79,365 77,454 79,280 76,803
Diluted 87,516 87,353 87,471 87,185
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED BALANCE SHEETS
(In Thousands, except share information)
March 31, June 30,
2013 2012
----------- ----------
ASSETS (Unaudited)
Current Assets
Cash and cash equivalents $30,229 $117,087
Accounts receivable
Oil and natural gas sales 138,522 126,107
Joint interest billings 9,260 3,840
Insurance and other 4,773 5,420
Prepaid expenses and other current assets 22,794 63,029
Derivative financial instruments 23,900 32,497
----------- ----------
Total Current Assets 229,478 347,980
----------- ----------
Property and Equipment
Oil and natural gas properties - full cost method of accounting, including $539.4 million
and $418.8 million of unevaluated properties not being amortized at March 31, 2013 and
June
30, 2012, respectively 3,148,239 2,698,213
Other property and equipment 16,114 9,533
----------- ----------
Total Property and Equipment, net of accumulated depreciation, depletion,
amortization and
impairment 3,164,353 2,707,746
----------- ----------
Other Assets
Derivative financial instruments 17,134 45,496
Debt issuance costs, net of accumulated amortization 29,599 27,608
Equity method investments 13,408 2,117
----------- ----------
Total Other Assets 60,141 75,221
----------- ----------
Total Assets $3,453,972 $3,130,947
=========== ==========
LIABILITIES
Current Liabilities
Accounts payable $172,017 $156,959
Accrued liabilities 121,564 118,818
Notes payable 1,080 22,211
Asset retirement obligations 30,130 34,457
Derivative financial instruments 112 -
Current maturities of long-term debt 23,428 4,284
----------- ----------
Total Current Liabilities 348,331 336,729
Long-term debt, less current maturities 1,227,144 1,014,060
Deferred income taxes 139,268 104,280
Asset retirement obligations 283,317 266,958
Derivative financial instruments 561 -
Other liabilities 9,220 3,080
----------- ----------
Total Liabilities 2,007,841 1,725,107
----------- ----------
Stockholders' Equity
Preferred stock, $0.001 par value, 7,500,000 shares authorized at March 31, 2013 and June
30, 2012, respectively
7.25% Convertible perpetual preferred stock, 8,000 shares issued and outstanding at
March
31, 2013 and June 30, 2012, respectively - -
5.625% Convertible perpetual preferred stock, 813,188 and 814,117 shares issued and
outstanding
at March 31, 2013 and June 30, 2012, respectively 1 1
Common stock, $0.005 par value, 200,000,000 shares authorized and 79,373,500 and 79,147,340
shares issued and 79,372,837 and 78,837,697 shares outstanding at March 31, 2013 and June
30, 2012, respectively 397 396
Additional paid-in capital 1,510,811 1,501,785
Accumulated deficit (79,199) (153,945)
Accumulated other comprehensive income, net of income tax expense 14,121 57,603
----------- ----------
Total Stockholders' Equity 1,446,131 1,405,840
----------- ----------
Total Liabilities and Stockholders' Equity $3,453,972 $3,130,947
=========== ==========
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share information)
(Unaudited)
Three Months Nine Months
Ended March 31, Ended March 31,
------------------ ------------------
2013 2012 2013 2012
-------- -------- -------- --------
Revenues
Oil sales $274,364 $312,714 $807,518 $868,978
Natural gas sales 29,410 23,282 87,002 92,479
--------
Total Revenues 303,774 335,996 894,520 961,457
-------- -------- -------- --------
Costs and Expenses
Lease operating 86,305 78,447 254,708 223,614
Production taxes 1,352 1,499 3,765 4,847
Gathering and transportation 4,411 2,465 18,500 12,013
Depreciation, depletion and amortization 88,727 88,448 279,378 260,819
Accretion of asset retirement obligations 7,649 9,762 23,057 29,253
General and administrative expense 16,092 25,075 59,299 66,543
(Gain) loss on derivative financial instruments (632) 3,495 5,755 (2,506)
--------
Total Costs and Expenses 203,904 209,191 644,462 594,583
-------- -------- -------- --------
Operating Income 99,870 126,805 250,058 366,874
-------- -------- -------- --------
Other Income (Expense)
Loss from equity method investees (2,587) - (4,698) -
Other income - net 523 97 1,425 121
Interest expense (27,682) (26,887) (81,339) (82,438)
-------- -------- -------- --------
Total Other Expense (29,746) (26,790) (84,612) (82,317)
-------- -------- -------- --------
Income Before Income Taxes 70,124 100,015 165,446 284,557
Income Tax Expense 29,688 8,763 65,418 29,885
--------
Net Income 40,436 91,252 100,028 254,672
Induced Conversion of Preferred Stock - 6,058 - 6,058
Preferred Stock Dividends 2,873 2,739 8,623 10,151
-------- -------- -------- --------
Net Income Available for Common Stockholders $37,563 $82,455 $91,405 $238,463
========
Earnings Per Share
Basic $0.47 $1.06 $1.15 $3.10
Diluted $0.46 $1.04 $1.14 $2.92
Weighted Average Number of Common Shares Outstanding
Basic 79,365 77,454 79,280 76,803
Diluted 87,516 87,353 87,471 87,185
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Nine Months
Ended March 31, Ended March 31,
-------------------- --------------------
2013 2012 2013 2012
--------- --------- ---------
Cash Flows From Operating Activities
Net income $40,436 $91,252 $100,028 $254,672
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
Depreciation, depletion and amortization 88,727 88,448 279,378 260,819
Deferred income tax expense 25,625 8,764 58,439 30,036
Change in derivative financial instruments
Proceeds from derivative instruments 574 993 735 66,522
Other - net (5,318) (10,866) (19,336) (36,557)
Accretion of asset retirement obligations 7,649 9,762 23,057 29,253
Loss from equity method investees 2,587 - 4,698 -
Amortization and write-off of debt issuance costs 1,910 1,886 5,708 5,591
Stock-based compensation 483 478 2,139 10,592
Changes in operating assets and liabilities
Accounts receivable (1,858) (9,565) (9,254) (27,146)
Prepaid expenses and other current assets 19,541 9,945 40,263 4,879
Settlement of asset retirement obligations (4,761) (4,569) (29,570) (6,563)
Accounts payable and accrued liabilities 34,314 11,670 (4,740) (25,916)
--------- --------- --------- ---------
Net Cash Provided by Operating Activities 209,909 198,198 451,545 566,182
--------- --------- --------- ---------
Cash Flows from Investing Activities
Acquisitions (112,566) (35) (153,722) (6,212)
Capital expenditures (184,504) (155,744) (563,554) (394,188)
Insurance payments received - - - 6,472
Net contributions to equity investees (503) - (16,027) -
Proceeds from the sale of properties - 203 - 2,970
Other (409) 1,252 (54) 444
--------- --------- --------- ---------
Net Cash Used in Investing Activities (297,982) (154,324) (733,357) (390,514)
--------- --------- --------- ---------
Cash Flows from Financing Activities
Proceeds from the issuance of common and preferred stock, net of
offering costs 499 191 5,259 9,647
Conversion of preferred stock to common - (6,029) - (6,029)
Dividends to shareholders - common (5,556) - (16,659) -
Dividends to shareholders - preferred (2,873) (2,877) (8,623) (10,289)
Proceeds from long-term debt 532,990 185,437 1,142,439 707,761
Payments on long-term debt (447,653) (214,468) (928,914) (818,787)
Other - - 1,452 (854)
--------- --------- --------- ---------
Net Cash Provided by (Used in) Financing Activities 77,407 (37,746) 194,954 (118,551)
--------- --------- --------- ---------
Net Increase (Decrease) in Cash and Cash Equivalents (10,666) 6,128 (86,858) 57,117
Cash and Cash Equivalents, beginning of period 40,895 79,396 117,087 28,407
Cash and Cash Equivalents, end of period $30,229 $85,524 $30,229 $85,524
========= ========= ========= =========
ENERGY XXI (BERMUDA) LIMITED
CONSOLIDATED OPERATIONAL INFORMATION (In thousands) (Unaudited)
Quarter Ended
------------------------------------------------------
Operating Highlights Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
2013 2012 2012 2012 2012
--------- --------- ---------- --------- ---------
Operating revenues
Crude oil sales $273,280 $280,953 $242,830 $314,639 $315,723
Natural gas sales 27,070 29,657 17,396 19,657 19,154
Hedge gain 3,424 9,909 10,001 7,650 1,119
Total revenues 303,774 320,519 270,227 341,946 335,996
--------- --------- ---------- --------- ---------
Percent of operating revenues from crude oil
Prior to hedge gain 91% 90% 93% 94% 94%
Including hedge gain 90% 89% 92% 92% 93%
Operating expenses
Lease operating expense
Insurance expense 7,473 8,810 8,992 6,825 7,138
Workover and maintenance 19,166 20,217 10,113 21,070 15,885
Direct lease operating expense 59,666 56,895 63,376 59,306 55,424
--------- --------- ---------- --------- ---------
Total lease operating expense 86,305 85,922 82,481 87,201 78,447
Production taxes 1,352 1,166 1,247 2,414 1,499
Gathering and transportation 4,411 6,098 7,991 4,358 2,465
DD&A 88,727 105,856 84,795 106,644 88,448
General and administrative 16,092 19,319 23,888 19,733 25,075
Other - net 7,017 8,621 13,174 5,186 13,257
--------- --------- ---------- --------- ---------
Total operating expenses 203,904 226,982 213,576 225,536 209,191
--------- --------- ---------- --------- ---------
Operating income $99,870 $93,537 $56,651 $116,410 $126,805
========= ========= ========== ========= =========
Sales volumes per day
Natural gas (MMcf) 89.4 90.9 67.1 92.5 83.7
Crude oil (MBbls) 28.6 29.4 26.1 32.2 31.4
Total (MBOE) 43.5 44.6 37.3 47.6 45.3
Percent of sales volumes from crude oil 66% 66% 70% 68% 69%
Average sales price
Natural gas per Mcf $3.37 $3.55 $2.82 $2.34 $2.52
Hedge gain per Mcf 0.29 0.60 0.89 0.55 0.54
--------- --------- ---------- --------- ---------
Total natural gas per Mcf $3.66 $4.15 $3.71 $2.89 $3.06
========= ========= ========== ========= =========
Crude oil per Bbl $106.11 $103.79 $101.03 $107.34 $110.54
Hedge gain (loss) per Bbl 0.42 1.80 1.87 1.03 (1.05)
--------- --------- ---------- --------- ---------
Total crude oil per Bbl $106.53 $105.59 $102.90 $108.37 $109.49
========= ========= ========== ========= =========
Total hedge gain per BOE $0.87 $2.42 $2.91 $1.77 $0.27
========= ========= ========== ========= =========
Operating revenues per BOE $77.58 $78.15 $78.72 $78.90 $81.43
--------- --------- ---------- --------- ---------
Operating expenses per BOE
Lease operating expense
Insurance expense 1.91 2.15 2.62 1.57 1.73
Workover and maintenance 4.89 4.93 2.95 4.86 3.85
Direct lease operating expense 15.24 13.87 18.46 13.68 13.43
--------- --------- ---------- --------- ---------
Total lease operating expense 22.04 20.95 24.03 20.11 19.01
Production taxes 0.35 0.28 0.36 0.56 0.36
Gathering and transportation 1.13 1.49 2.33 1.01 0.60
DD&A 22.66 25.81 24.70 24.61 21.44
General and administrative 4.11 4.71 6.96 4.55 6.08
Other - net 1.79 2.10 3.84 1.20 3.22
--------- --------- ---------- --------- ---------
Total operating expenses 52.08 55.34 62.22 52.04 50.71
--------- --------- ---------- --------- ---------
Operating income per BOE $25.50 $22.81 $16.50 $26.86 $30.72
========= ========= ========== ========= =========
GLOSSARY
Barrel - unit of measure for oil and petroleum products, equivalent to 42 U.S. gallons.
BOE - barrels of oil equivalent, used to equate natural gas volumes to liquid barrels at a general conversion rate of 6,000 cubic feet of gas per barrel.
BOE/d - barrels of oil equivalent per day.
Bopd - barrles of oil per day
MMcf/d - million cubic feet of gas per day.
MD - total measured depth of a well.
Net Pay - cumulative hydrocarbon-bearing formations.
NRI, Net Revenue Interest - the percentage of production revenue allocated to the working interest after first deducting proceeds allocated to royalty and overriding interest.
TD - target total depth of a well.
TVD -true vertical depth of a well.
WI, Working Interest - the interest held in lands by virtue of a lease, operating agreement, fee title or otherwise, under which the owner of the interest is vested with the right to explore for, develop, produce and own oil, gas or other minerals and bears the proportional cost of such operations.
Workover / Recompletion - operations on a producing well to restore or increase production. A workover or recompletion may be performed to stimulate the well, remove sand or wax from the wellbore, to mechanically repair the well, or for other reasons.
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Greg Smith
Director, Investor Relations
713-351-3149
gsmith@energyxxi.com
Cantor Fitzgerald Europe
Nominated Adviser: David Porter, Rick Thompson
Corporate Broking: Richard Redmayne
Tel: +44 (0) 20 7894 7000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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